Thomas Cook (india) Limited · NSE:THOMASCOOK
Thomas Cook (india) — Q1 FY27 Earnings Presentation
57 slides from Thomas Cook (india)'s earnings presentation, Aug 3, 2026
Slide 1: Thomas Cook (India) Limited Investor Presentation – Q1 FY27
Thomas Cook (India) Limited Investor Presentation – Q1 FY27 August 03, 2026
Slide 2: Table of Contents
TABLE OF CONTENTS SR. NO. CONTENTS PAGE NO. 1 COMPANY SNAPSHOT 03 2 Q1 FY27 FINANCIAL PERFORMANCE 06 3 OVERVIEW: BUSINESS SEGMENTS 18 4 FINANCIAL DATA 50 5 ANNEXURE- STRATEGIC DIVESTMENT 53 2
Slide 3: Company Snapshot
COMPANY SNAPSHOT Thomas Cook (India) Ltd — 145+ years, 28 countries, 4 engines, 800+ touchpoints ₹21.5 Bn 28 800+ CRISIL AA Total Touchpoints (across the Total Income Q1 FY27 Countries group) Credit Rating 12% YoY 5 continents, owned operations 300 TCIL and SOTC; 170+ PSA & Retained AA/Stable/ A1+ r
Slide 4: Brands
BRANDS Travel & Related Services Southern Africa East Africa Financial Services Leisure Hospitality & Resorts Digital Imaging Solutions 4
Slide 5: Thomas Cook India - Competitive Moat
THOMAS COOK INDIA - COMPETITIVE MOAT Core advantages no single competitor can replicate. Brand Trust + Customer Experience True Omnichannel Distribution Diversity in Geography & Service Offerings • 145+ year legacy of trust in travel and foreign exchange • TCIL’s reach combines Trust & Convenience •
Slide 6: Q1 FY2027 Financial Performance
Q1 FY2027 FINANCIAL PERFORMANCE 6
Slide 7: Q1 FY27 Financial Highlights
Q1 FY27 FINANCIAL HIGHLIGHTS (₹ Mn) Thomas Cook India Limited delivers a resilient SEGMENT PERFORMANCE Q1 FY27 performance despite the challenging INCOME FROM OPERATIONS EBIT geopolitical & business environment Q1 FY27 Q1 FY26 YoY Q1 FY27 Q1 FY26 YoY Financial Services & Leisure Hospitality register
Slide 8: Management Commentary: Q1 FY27 Performance
MANAGEMENT COMMENTARY : Q1 FY27 PERFORMANCE Commenting on the results, Mahesh Iyer - Managing Director & CEO Thomas Cook (India) Limited said, “The first quarter of FY27 was characterised by a highly volatile operating environment. The impact was particularly severe on our GCC-based subsidiaries - D
Slide 9: Segment Performance – Financial Services
SEGMENT PERFORMANCE – FINANCIAL SERVICES (₹ Mn) % Margin 6% 8% 892 411 404 842 845 374 392 813 316 762 EBIT & Revenue Margin 44.4% 48.7% 41.5% 48.3% 45.3% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1 FY27 highlights 45.7% 45.8% Q1FY27: ₹33.0 Bn YoY: +0.5% o Forex business
Slide 10: Q1 Highlights - Financial Services
Q1 HIGHLIGHTS - FINANCIAL SERVICES (₹ Bn) TURNOVER* TURNOVER - HOLIDAY* TURNOVER - EDUCATION* TURNOVER - CORPORATE* 0.5% (5%) 36% 9% 33 33 33 7 7 7 6 6 6 6 5 10 11 9 4 22 22 24 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Retail Wholesale CARD LOADS (USD Mn ) A
Slide 11: Q1 FY27 – Digital Highlights
Q1 FY27 – DIGITAL HIGHLIGHTS TOTAL DIGITAL ADOPTION - FOREX WEBSITE TRANSACTIONS APP BOOKINGS 310 bps 38% 3.8x 1,199 22.8% 23.5% 1,036 20.4% 842 866 648 223 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 Q1FY26 Q4FY26 Q1FY27 FOREX TRANSACTION - WHATSAPP Video-KYC TRANSACTIONS BLINKIT * 84% 9x 34% Prepaid
Slide 12: Key Initiatives – Financial Services
KEY INITIATIVES – FINANCIAL SERVICES Study Buddy Zero Forex Partnership with Visa Mark-up Card 10% Value Back 16 New Introduced a 10% Currencies value back on spends Introduced 16 new to reduce ATM currencies on the withdrawals and Borderless Card increase spends. 12
Slide 13: Segment Performance – Travel & Related Services
SEGMENT PERFORMANCE – TRAVEL & RELATED SERVICES (₹ Mn) SE G ME N T RE VE N UE BRE A K DO W N (₹ Mn ) % Margin Segment Q1 FY27 Q1 FY26 YoY (%) Q4FY26 (14%) (A) B2C TOTAL 6,678 7,915 (16%) 3,281 Domestic 867 670 29% 250 19,784 16,891 16,781 17,106 Outbound 5,811 7,245 (20%) 3,032 13,569 Long Haul 3,
Slide 14: Segment Performance – Q1FY27 Month on Month Trend
SEGMENT PERFORMANCE – Q1FY27 MONTH ON MONTH TREND Long Haul Short Haul Domestic Q1FY27: ₹3,995 Mn YoY: (28%) Q1FY27: ₹1,816 Mn YoY: +6% Q1FY27: ₹867 Mn YoY: +29% Q1FY26: ₹5,529 Mn Q1FY26: ₹1,716 Mn Q1FY26: ₹670 Mn Apr May Jun Apr May Jun Apr May Jun MICE Corporate Travel* Q1FY27: ₹5,420 Mn YoY: +14%
Slide 15: Segment Performance – Travel & Related Services
SEGMENT PERFORMANCE – TRAVEL & RELATED SERVICES Corporate Travel • India and the Indian Subcontinent remained key travel choices, with Kashmir, Himachal • New corporate travel mandates across the financial services, automobile, IT, insurance and Pradesh, the North East, Sri Lanka, Kailash Mansarovar
Slide 16: Segment Performance – Leisure Hospitality
SEGMENT PERFORMANCE – LEISURE HOSPITALITY (₹ Mn) % Margin 19% 28% 1,614 523 1,550 471 1,357 1,385 409 1,044 243 EBIT & 169 Revenue Margin 30.2% 16.2% 30.4% 17.5% 32.4% Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 • Best-ever quarter in Sterling's history, delivering record p
Slide 17: Segment Performance – Digital Imaging Solutions
SEGMENT PERFORMANCE – DIGITAL IMAGING SOLUTIONS (₹ Mn) % Margin (38%) 106 83 2,365 2,097 23 1,958 1,940 1,307 5.1% 1.2% 3.5% EBIT & Revenue Margin (102) (152) Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q1 FY27 Highlights • Middle East operations (~ 50% of the portfolio) co
Slide 18: Overview: Business Segments
OVERVIEW: BUSINESS SEGMENTS • Financial Services • Leisure hospitality • Travel and related • Digital Imaging services Solutions 18
Slide 19: Financial Services
FINANCIAL SERVICES : Breaker slide FINANCIAL SERVICES 19
Slide 20: Financial Services: The Unassailable Moat
FINANCIAL SERVICES : THE UNASSAILABLE MOAT High-margin engine. AD 2 license. Structurally superior returns. 01 02 03 04 ∞ 75+ Yrs ~40–46% 80%+ Omnichannel 05 RBI License Our Expertise Our Margins Dominant Retail Our Distribution Portfolio Non-bank with AD-II license • Largest Non-Bank Forex • Struct
Slide 21: Forex – Historical Growth Trajectory
FOREX – HISTORICAL GROWTH TRAJECTORY ~30% → 46% ~25% CAGR 45%+ EBIT Margin Journey FY21-FY26 Revenue Growth FY21–FY26 Sustained Margin Band Gross Turnover Value (Rs Bn)* Active Prepaid Card Users (Mn) Card Loads (USD Mn ) CAGR ~29% CAGR ~43% CAGR ~48% 124 133 123 823 860 107 1.2 1.3 764 1.2 38 39 61
Slide 22: The Prepaid Card: Our Highest-Moat Product
THE PREPAID CARD: OUR HIGHEST-MOAT PRODUCT Market leader · ~1/3 market share · 5-year customer lifecycle 1.1 Mn + ~USD 200 Mn+ ~Rs 18 Bn 28 Float on card One of India’s widest Forex Prepaid Card Users Load on card – Q1FY27 currency portfolios As of June 2026 DEEP CUSTOMER SEGMENTATION Why the Card i
Slide 23: Introducing – Zero Forex Card
INTRODUCING – ZERO FOREX CARD Zero Risk of Currency Zero Cross-Currency Zero Forex Markup Fluctuation Conversion Lock-in exchange rates before travel Seamless payments in any currency No hidden charges on loading foreign and protect against volatility without additional conversion charges exchange K
Slide 24: Retail Forex – Holidays Cohort: Who, What & Why
R E T A I L F O R E X – H O L I D A Y S C O H O R T : WHO, WHAT & WHY W H O : Holiday Traveller DEEP CUSTOMER SEGMENTATION MARKET OPPORTUNITY Purchases • Mastercard ,Visa & Rupay ~14% CAGR Seasonal, India outbound tourism through 2030 - structural, not post-COVID forex card Strong brand high-intent
Slide 25: Retail Forex – Education Cohort: Who, What & Why
R E T A I L F O R E X – E D U C A T I O N C O H O R T : WHO, WHAT & WHY WHO : Students Studying Abroad & DEEP CUSTOMER SEGMENTATION MARKET OPPORTUNITY Sponsor Parents ~13% CAGR • Mastercard and Visa Indian overseas education spend through 2030- structural, Long- High High • Supports 28 currencies, a
Slide 26: Retail Forex – Corporate Cohort: Who, What & Why
R E T A I L F O R E X – C O R P O R A T E C O H O R T : WHO, WHAT & WHY WHO THEY ARE DEEP CUSTOMER SEGMENTATION MARKET OPPORTUNITY ~10% CAGR Large Mid-Size Corporate travel Market to double to ~$21bn by FY2030, SMEs Corporates driven by enterprise expansion and outbound activity 1100+ Non-Discretion
Slide 27: Key Highlights Travel & Related Services
KEY HIGHLIGHTS TRAVEL & RELATED SERVICES 27
Slide 28: Travel & Related Services
TRAVEL & RELATED SERVICES Multi-segment leader. Multi-geography reach. Integrated. One-stop solution for every traveler’s needs ₹17 Bn ~60% B2B 5 Continents 27K+ ~800 (DMS + MICE + CT) Q1FY27 Revenue ~40% B2C – Leisure DMS Footprint MICE Pax Q1FY27 Corporate Travel 14% YoY Holidays 23 countries, 6,5
Slide 29: Travel & Related Services: The Moat
TRAVEL & RELATED SERVICES : THE MOAT Scale. Distribution. Multi-Brand Control. Structural Operating Leverage India’s largest integrated Global reach Scale leverage & Repeat and long tenure Asset-Light, Low Working Travel Services Platform 23 countries common buying customer base Capital Model B2B +
Slide 30: Travel & Related Services – Historical Growth Trajectory
TRAVEL & RELATED SERVICES – HISTORICAL GROWTH TRAJECTORY Neg→ 3% ~81% CAGR EBIT Margin Journey FY21-FY26 Revenue Growth FY21–FY26 Branches B2B Revenue (Rs Mn) B2C Revenue (Rs Mn) CAGR ~1.2% CAGR ~80% CAGR ~90% 300 49,346 50,463 18,874 283 269 286 279 17,504 43,719 241 14,633 31,349 7,760 8,838 2,685
Slide 31: Travel & Related Services – Historical Growth Trajectory
TRAVEL & RELATED SERVICES – HISTORICAL GROWTH TRAJECTORY (₹ Mn) Leisure Holiday (B2C) Corporate Travel (B2B) DMS (B2B) CAGR 90% CAGR 46% CAGR 76% 1,541 1,283 1,290 34,478 35,559 18,874 1,150 17,504 28,139 14,633 20,400 7,760 378 233 7,315 756 1,750 2,092 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23
Slide 32: B2C — Leisure Holidays
B2C — LEISURE HOLIDAYS Thomas Cook · SOTC | Long Haul · Short Haul · Domestic ₹6,678 Mn 60:27:13 ~40% 21% 14-15% Q1FY27 Revenue Long haul: Short haul: Domestic Contribution to total Digital Adoption Avg Gross Margin travel segment – Q1 FY27 16% YoY Sales Split- Q1 FY27 Online pax booked Q1 FY27 Acro
Slide 33: B2C - Spiritual Travel
B2C - SPIRITUAL TRAVEL Building leadership in India’s fastest growing domestic travel segment Two focused brands catering to diverse 20+ Iconic Temple & Temple Towns Well positioned to capitalize on India’s growing faith-based traveller needs & experiential travel market Premium offerings driving hi
Slide 34: B2B — Corporate Travel
B2B — CORPORATE TRAVEL Thomas Cook | Air · Hotel · Ground · Forex · OBT Platform ₹350 Mn ₹7 Bn 4-5% 33% 58% 85% : 15% Q1FY27 Revenue Q1FY27 GTV Avg Gross Margin Online Booking Tool Touchless Txns Air : Non-Air (OBT) Adoption by Clients ▲7% YoY ▲15% YoY Revenue Mix – Q1 FY27 WHY TCIL WINS Q1 FY27 PER
Slide 35: B2B — MICE
B2B — MICE Meetings | Incentives | Conferences |Events | Exhibitions ₹5,420 Mn 23 : 77 110+ 27K+ 4-5% Q1FY27 Revenue Domestic : International No. of Groups Catered to No of pax Avg Gross Margin ▲14% YoY Sales Split ▲10% YoY CLIENT INDUSTRY MIX WHY TCIL WINS Seamless End-to-End Event Management BFSI
Slide 36: B2B - Destination Management Specialists (DMS) - India
B2B - DESTINATION MANAGEMENT SPECIALISTS (DMS) - INDIA PORTFOLIO BRANDS KEY SOURCE MARKETS REVENUE FROM OPERATIONS TCI / Sita United Kingdom 28% 0.2% Inbound & heritage · India, Nepal, Bhutan, Sri Lanka, Leisure & FIT focused France 10% 2,969 Distant Frontiers Germany 10% MICE & tailor-made FIT USA
Slide 37: B2B - Destination Management Specialists (DMS) - International
B2B - DESTINATION MANAGEMENT SPECIALISTS (DMS) - INTERNATIONAL Revenue Gross PORTFOLIO BRANDS REVENUE FROM OPERATIONS Share Margin (33%) 30+ years of inbound expertise across leisure groups, MICE and FIT packages. 7,226 60% ~15% Thailand · Vietnam · Cambodia · Laos · 5,759 Myanmar · Indonesia · Mala
Slide 38: Digital & AI Led Initiatives – B2C
DIGITAL & AI LED INITIATIVES B2C AI-Driven Initiatives Customer Facing Digital Tools Engages digital-first customers and converts interactions into AI Chat Bot APP qualified leads through conversational AI WEBSITE CALL CENTRE AI-powered "supervisor" that listens to every conversation AI TOOLS – CHAT
Slide 39: Digital & AI Led Initiatives – B2B
DIGITAL & AI LED INITIATIVES B2B MICE CORPORATE TRAVEL DMS CORPORATE TRAVEL MICE CUSTOMER SERVICE APP (CSS) MOBILE BOOKING PLATFORM DMS India - TRAVART Client Onboarding, Itinerary / Trip Display, Payment A digital platform enabling seamless execution and Collection, Visa Status, Tour Document, Valu
Slide 40: Key Highlights Leisure Hospitality and Resorts
KEY HIGHLIGHTS LEISURE HOSPITALITY AND RESORTS (Sterling Holiday Resorts+ Nature Trails) 40
Slide 41: Update on Operations: Leisure Hospitality & Resorts
UPDATE ON OPERATIONS: LEISURE HOSPITALITY & RESORTS (Sterling Holiday Resorts + Nature Trails) 78 3,798 3.43 lakh 2.31 lakh Resorts as of Rooms as of Room Nights Avl. Room Nights Sold June ‘26 ( 26%)* June ‘26 ( 16%) in Q1 ( 17%) in Q1 ( 26%) 67% 78% Rs. 7,809 Resort Occupancy in Guest Ratio in Avg
Slide 42: Sterling Resorts: From Transition to Growth
STERLING RESORTS: FROM TRANSITION TO GROWTH Defining Year: Scale, Profitability and Balance Sheet Strength 01 02 03 04 05 61 → 78 Resorts Capitalize favorable Best-in-class Strong Profits = Guests rank us (Q1 FY27) tailwinds Margins stronger cash flows “Best of the best” Pan India Presence at Delibe
Slide 43: Historical Growth Trajectory
HISTORICAL GROWTH TRAJECTORY 32 → 78 25% CAGR 76% CAGR 4,306 → 6,176 Resort growth journey Revenue Growth FY21–FY26 EBIT Growth FY21–FY26 ARR (₹) growth journey Average Room Rate Resorts Rooms Occupancy (ARR Rs.) CAGR ~20% CAGR ~11% CAGR ~7% CAGR ~7% 6,268 6,405 6,263 6,176 78 3,810 61% 61% 59% 59%
Slide 44: Pan-India Leisure & Hospitality Platform
PAN-INDIA LEISURE & HOSPITALITY PLATFORM ECOSYSTEM Srinagar Dharamshala Manali Amritsar Shimla Kufri Mussoorie Kasauli Chail Mohali Dehradun Room Mix 56% 44% Rishikesh Chila Rudraprayag Haridwar Nainital Lansdowne Sariska Corbett Gangtok Jaisalmer Pushkar Darjeeling Ayodhya Kalimpong Jodhpur Rantham
Slide 45: Key Highlights Digital Imaging Solutions
Key Highlights Digital Imaging Solutions 45
Slide 46: Digital Imaging Solutions – Business Overview
DIGITAL IMAGING SOLUTIONS – BUSINESS OVERVIEW A global imaging platform delivering on-ground and technology-enabled guest experiences across iconic destinations. Dubai 8 236 14 111 Headquartered Regional Offices No. of Sites Operated Presence in countries Total Partnerships DEI serves customers at l
Slide 47: Digital Imaging Solutions – Business Overview
DIGITAL IMAGING SOLUTIONS – BUSINESS OVERVIEW Expertise is Spread Across Categories Theme & Aquariums Luxury Hotels Animal & Tall Towers Cable Cars Amusement Snow Parks Water Parks & Resorts Bird Parks Parks 47
Slide 48: Digital Imaging Solution: The Moat
DIGITAL IMAGING SOLUTION: THE MOAT Global attraction partnerships. Technology-enabled imaging workflows. Scalable multi-country operations. 01 02 03 04 Global Partner Tech-Enabled Integrated Diversified Network Platform Operating Model Presence Exclusive Partnerships Superior Workflow People + Proce
Slide 49: DEI – Historical Growth Trajectory
DEI – HISTORICAL GROWTH TRAJECTORY Sites Operated Partnerships (No. of Partners) No. of Captures (Mn) CAGR ~9% CAGR ~8% CAGR ~25% 134 133 129 130 271 125 267 265 264 109 114 105 108 218 87 170 62 35 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 Revenue fro
Slide 50: Financial Data
@ Thomas Cook FINANCIAL DATA
Slide 51: Income Statement
INCOME STATEMENT (₹ Mn) ` Q1FY27 Q1FY26 YoY (%) Q4FY26 Revenue from Operations 20,919 24,080 (13%) 17,707 Other Income 611 451 36% 348 Total Income from Operations 21,530 24,530 (12%) 18,055 Expenses - Cost of services 15,312 18,193 (16%) 11,998 - Employee benefits expense 2,943 2,916 1% 3,013 - Adv
Slide 52: Segment Financial Performance
SEGMENT FINANCIAL PERFORMANCE (₹ Mn) Financial Services Q1FY27 Q1FY26 YoY (%) Q4FY26 Revenue 892 842 6% 813 EBITDA 423 389 9% 409 EBITDA (%) 47% 46% 117 bps 50% EBIT 404 374 8% 392 EBIT (%) 45% 44% 93 bps 48% Travel & Related Services Q1FY27 Q1FY26 YoY (%) Q4FY26 Revenue 17,106 19,784 (14%) 13,569 E
Slide 53: Annexure Strategic Divestment: Demerger of Sterling Holiday Resorts
ANNEXURE STRATEGIC DIVESTMENT: DEMERGER OF STERLING HOLIDAY RESORTS 53
Slide 54: Demerger of Sterling Holiday Resorts
DEMERGER OF STERLING HOLIDAY RESORTS Existing Corporate Structure After Demerger Demerger TCIL TCIL SHRL Current Segments Thomas Cook (India) Limited Sterling Holiday Resorts Limited Demerger Financial Travel & Related Resorts Financial Travel & Related Resorts Services Services Services Services •
Slide 55: Process & Timeframe
PROCESS & TIMEFRAME 1 2 3 Approvals from Pre-Scheme steps, including Key decisions and Board approves Demerger TCIL and SHRL Boards shift of registered office of SHRL prep for demerger Scheme 4 5 6 Stock Exchange Application Receipt of SEBI Approvals NCLT NCLT directions on Shareholders’ vote on dem
Slide 56: Contact Us
CONTACT US For further information please contact Debasis Nandy Urvashi Butani Ami Mehta President and Group CFO Head- Investor Relations Manager- Investor Relations Tel: +91 22 4242 7000 Tel: +91 22 4242 7095 Tel: +91 22 4242 7621 Email: Debasis.Nandy@thomascook.in Email: Urvashi.Butani@thomascook.
Slide 57: Disclaimer
DISCLAIMER ▪ This presentation has been prepared by Thomas Cook (India) Limited (“Company") solely for information purposes without any regard to any specific objectives, financial situations or informational needs of any particular person. This presentation may not be copied, distributed or dissemi